JULY 10TH: The Pacers have officially signed Watson, the team announced today in a press release.

JULY 1ST: C.J. Watson has reached an agreement on a two-year contract with the Pacers, according to ESPN.com's Marc Stein (via Twitter). Alex Kennedy of HoopsWorld first reported the agreement (via Twitter) after noting that the two sides were closing in on a deal. It was actually Watson himself who first broke the news, though his tweet was somewhat cryptic.

Watson, who turned down a player option that would have kept him in Brooklyn for 2013/14, averaged 6.8 PPG with 2.0 APG and a 13.9 PER in 80 contests for the Nets last season. According to Kennedy, Watson's new deal is expected to pay him more than the minimum salary he made in Brooklyn on his previous contract.